NEW YORK CITY — Adidas has signed a 30,639-square-foot retail lease renewal at its flagship store at 610 Broadway in Manhattan’s SoHo neighborhood. The sportswear giant has committed to the three-story space for an additional 10 years. The six-story building was originally built in 2004 and predominantly houses office space. JLL represented the landlord, LaSalle Investment Management, in the lease negotiations. Adidas was represented internally.
By Andrew Chused, founding partner, head of investments, Hilco Redevelopment Partners From the nation’s beginning to modern times, Philadelphia has been a bellwether city with a proud legacy of leading the nation to many of its firsts, including the country’s inaugural medical school, library, hospital, business school and stock exchange. In this city of firsts, Hilco Redevelopment Partners (HRP) is unlocking and reinventing a large portion of the city: the former 1,300-acre Philadelphia Energy Solutions (PES) site on the city’s southwest side. Not only is the redevelopment of this site transforming a relic of the city’s industrial age into a new, sustainable economy for the first time, but the project will also transform the way logistics and life sciences companies grow in southwest Philadelphia. An Economic Hub The site, aptly named The Bellwether District, represents a new ecosystem for a variety of tenants, including logistics, e-commerce and life sciences. Located in the shadows of University City and along the Schuylkill River, the project will create over 32,000 jobs and serve as an economic catalyst that drives growth to the city and region for generations to come. Upon its acquisition of the property in June of 2020, HRP quickly began the …
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Walker & Dunlop: Affordable Housing Crisis Calls For New Solutions, Effective Programs
By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …
JERSEY CITY, N.J. — A partnership between New York City-based Taconic Capital Partners and HEI Hotels & Resorts has purchased the 351-room Hyatt Regency Jersey City hotel. The property was originally built in 2002 and has undergone $15 million in capital improvements since 2010. Amenities include a pool, fitness center, restaurant and lounge and 20,000 square feet of meeting and event space. Affiliates of Hyatt and Veris Residential sold the hotel for an undisclosed price. The new ownership will continue to enhance guestrooms and amenity spaces.
BERKS COUNTY, PA. — JLL has arranged a $49 million loan for the refinancing of a portfolio of three industrial buildings totaling 597,704 square feet in Berks County, located in the Lehigh Valley region. Berks 61 is a 270,000-square-foot manufacturing facility that was delivered in 2021 and houses a bottle-to-bottle recycling plant. Berks 222 is a two-building logistics park totaling 327,704 square feet that is home to three tenants, including National Coatings & Supplies Inc. Chad Orcutt, Ryan Ade and Blaine Fleming of JLL arranged the loan through Empower Annuity Insurance Co. of America on behalf of the borrower, Radnor-based Endurance Real Estate Group.
PHILADELPHIA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of City Avenue Center, a 20,220-square-foot shopping center in Philadelphia. Shadow-anchored by Target, the center was fully leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon, Sleep Number and PNC Bank. Brad Nathanson, David Crotts and Dean Zang of IPA represented the undisclosed seller in the transaction and secured the buyer, a Maryland-based family office.
HOLYOKE AND SPRINGFIELD, MASS. — Northeast Private Client Group has brokered the sale of a portfolio of 14 buildings totaling 164 multifamily units, as well as nine commercial spaces, in Western Massachusetts. Specifically, 10 of the buildings are located in Holyoke, and four of the buildings are located in Springfield. Taylor Perun, Alex Burr and Cameron Formica of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.
NEW YORK CITY —Accounting firm Anchin, Block & Anchin has signed a 45,673-square-foot office headquarters lease at 3 Times Square in Midtown Manhattan. The 30-story building, which was originally constructed in 2001 as the headquarters for Reuters, is currently undergoing a multimillion-dollar renovation. Michael Cohen, Andrew Roos, Jessica Verdi and Mac Roos of Colliers represented Anchin, which plans to relocate from 1375 Broadway next fall, in the lease negotiations. John Cefaly, Lou D’Avanzo, Ron Lo Russo, Heather Thomas and Paige Engeldrum of Cushman & Wakefield, along with internal agent Tom Keating, represented the landlord, Rudin.
WEST LONG BRANCH, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the center, which was built in 1993, from Site Centers Inc. Brad Nathanson of IPA brokered the deal. At the time of sale, Consumer Centre was 96 percent leased to tenants including The Home Depot, Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.
BORDENTOWN, N.J. — JLL has arranged a $40 million acquisition loan for a 274,197-square-foot warehouse located at 201 Elizabeth St. in the Northern New Jersey community of Bordentown. The facility sits on 34 acres and features clear heights of 22 to 24 feet, 16 dock-high doors, 215-foot truck court depths, 116 car parking spaces and 67 trailer parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through First Citizens Bank on behalf of the borrower, an affiliate of Connecticut-based Penwood Real Estate Investment Management. The new ownership plans to implement a value-add program.